The Alaskan housing market in January 2025 shows a modest increase in Median Sales Prices, with a year-over-year (YoY) growth of 2.4%, bringing the Median Sales Price to $388,700. The Median List Price has seen a smaller increase of 0.6% YoY, now at $391,400. This indicates a slight narrowing of the gap between asking and selling prices, suggesting a more competitive market.

In terms of Price Per Square Foot, the median price has risen significantly by 6.7% YoY to $232, while the Median List Price per square foot has increased by 2.5% YoY to $240. This substantial rise in Price Per Square Foot suggests a strong demand for housing, possibly driven by limited supply or increased buyer interest in specific areas.

Sales Activity

Home sales in Alaska have experienced a notable increase, with 405 Homes Sold, marking a 6.9% YoY rise. Pending Sales have remained relatively stable with a slight increase of 0.2% YoY, totaling 483. This stability in Pending Sales, coupled with the rise in Homes Sold, indicates a healthy turnover in the market.

New Listings have surged by 9.1% YoY, reaching 513, which may help alleviate some pressure on the market by increasing available inventory. The total inventory has grown by 7.3% YoY to 1,058, suggesting that while demand remains strong, supply is beginning to catch up.

Market Dynamics

The Months of Supply remain unchanged YoY at 2.6 months, indicating a balanced market where neither buyers nor sellers have a distinct advantage. The Median Days on Market have decreased by 1.0% YoY to 37 days, reflecting a slightly faster pace in home sales.

The average sale to list ratio has improved by 0.8% YoY to 98.1%, suggesting that homes are selling closer to their asking prices. However, the percentage of Homes Sold above list price has decreased by 1.8% YoY to 19.0%, indicating a slight cooling in competitive bidding.

Price Adjustments and Market Conditions

Price Drops have increased by 4.9% YoY to 23.3%, which may reflect sellers adjusting expectations in response to market conditions. The percentage of homes going off the market within two weeks has slightly decreased by 0.8% YoY to 31.9%, suggesting a marginally slower pace in quick sales.

Overall, the Alaskan housing market in January 2025 presents a picture of steady growth and stability. While prices continue to rise, the increase in New Listings and inventory suggests a market that is gradually balancing itself. Buyers and sellers alike should remain informed and adaptable to these evolving conditions.